Europe is forecast to see minimal or negative GDP growth in 2020.
Europe is now the epicenter of the Coronavirus Pandemic & is currently in the midst of a major spike in infection transmissions, with Italy & Spain experiencing higher death rates than China.
Europe has a high probability of falling into a recession, many countries are on the edge of major downturn that could take years for them to recover. The U.K., Italy, Spain, Germany, France & the majority of the European countries have imposed a virtual lockdown, recommending citizens to only leave home for needed shopping, healthcare visits, and some have even banned outside daily exercising.
The future growth rate for Europe’s largest economies has been cut since the Coronavirus Pandemic struck a month back. The Italian, German, Spanish, UK economies are forecast to see negative growth for the 2nd & 3rd Q of 2020, putting the vast majority of construction related organizations in serious cash flow danger. Sadly, the Coronavirus Pandemic has the possibility for all European potential or current construction projects to be deferred or worst case stopped.